| Peo {.t. Apine Automobiles aims to produce and sell 2,00,000 cars in 2019. To achieve this objective, the production department strives for timely production and sales department takes all possible steps to sellthem, Due to combined efforts of all the departments, the company is able to achieve its target. {i) Which significance of management is highlighted in the given statement? (i) Mention two other points of importance of management. 1.6 NATURE OF MANAGEMENT. ‘The controversy with regard to nature of management, whether it is a science, art or profession, isputTo debate quite frequently. In order to determine nature of management, we must compare i meaning and features with meaning and features of science, art and profession. Tianagement as a Science } US Pp Sta Psu wp es ave develo Selence is a systematised Dody of knowledge) lacquivedth Bi of ores aiid experimentation) that ‘explains certain general truths or the operation of general laws. XA Mae Ue el features of Science Vs Management _ © VOL AE, 1. Systematised body of knowledge{ Scithce is a systematic body of knowledge Whose principles are Based on a cause and toc seonghied> 6} 150 [Management satisfies this feature]as ifalso has 2SyStentatised body of knowledge, built up by management practitioners over a considerable period of time.) i ‘Scanned wh CamscanetBusiness Studies for Cage Xi 1.12 W and Experimentation{Scichce principles are first develope 2. Principles based on ( servation through repeated experimentation under controhey through bservation and then 2) a in mangggnent. Althor al? Ment Principles seo ted] ex} entation and GbCrvath re evo ver a period of ti SOR Feprentedfex tid Bs a Raaiol oie nista Hut, management deals with human beings & their behaviour earn ue accurately redici or replicated. So, management can be called an inexact science cannot be accura 3. Universal validity{Scientific principles have universal validity and can be applied iy ations and at all time: | . ' . fTiekannee? fence is also not cent percent applicable in management) Management principles ~ are not as exact as the principles of science. Fheir application and They have to be modified according to a given situatio Conclusion On comparing the features of science with management, we can conclude that management cannot be considered an exact or accurate science like Physics or Chemistry. But, we can callit an inexact science or social science or soft science] Managementasanart_( ¢ ) 7 [Ar refers to shila personal application of systematic knowledge to bring desired results. It can be ‘equired through study, observation and experience. [Features of Art Vs Management 1. Existence of Theoretical Knowled; al based on SasIee oF some TeoticaT Towed of concepts and ‘Management as an Art principles. For example, literature on dancing, public | “U Got /eam Management from 4 books alone. You need regular speaking or acting is widely available) practice to learn management and for GO. This feature ofart is present in managements it also involves use(Zb 90ing things creatively and skifuly. of theoretical knoveledge like principles afid techniques (There tS . a lot of literature available in various areas of mansgément like marketing, finance and human resourcés|which the manager has to specialise in, 2. Personalised Apotcation ri personalised concept as(everyone applies the theorefical knowledge in his own . For example, two dancers, two actors or two Writers pill always differ in demonstrating their art) men sai feature of art is also present in management)as(every anager has his own unique way of managing things and people, although all managérs learn same management theories and principled A good manager works through a combination of practice, creativity, Imagination, initiative and Innovation Students OF management also apply the principles of mana Rement differently depending on how créativ = ‘Scanned wh Camscaneta paper + Nature and Significance of Management 113 sce and Cecat Bn attat pased on Practice and Creativity:|Appiestion aLartnceds regifar practice to do things creatively and ssl Jr canbe proved through cyustant practice. iis feature of art is Is applicable in management Mand also improve their managerial (O\gitlsand efficiency with regular application (practice) of management principles [This gives wise to different styles of management, ‘Allmanagement practices are based on the sameset of principles. However, the ability to put these principles into practice distinguishes a successful manager from aless succeseful one. conclusion Finally, it can be concluded that management is an art as it satisfies all its characteristics. It is righty ssid thot Management is the art of getting work done through people’. it must be noted that management lacks perfection as found in arts. A musician can repeat his composition, anartist can draw the same painting again, buta manager may not be able to repeat the same principles due to changes in circumstances. nocagement Bot sciece andar Rea. ) [Sfasagement has elements of both sciente and art.} + Management is a Science because it has systematised body of knowledge, which can be used {o train the prospective and present managers. + Management is an Art because it deals with application of personal skills, which can be improved through constant practice. (Seene provides the knowledge and Art deals with application o! owes) (One cannot ecome an efficient manager simply with knowledge of prinaplafite must! creative results through practical knowledge and skills. Produce us, Managements an artanda science arenot mutually exclusive, but are complementary. It means, th are not in contrast to each other and should exist together in every management function, tenmtsattain Ye Can Real Pony es Stabs Profession refers toan occupation backid by specialised! knowledge an traitaiigsin whi etry ies ‘eatures of Profession Vs Management 1, Well-defined body af knowledge Evy profession has a well-defined body of knowledge, which can be acquired through instructioi {his feature of profession is present in management as it also consists of systematic knowledge of concepts, theories and principles. This knowledge can be acquired at different institutions and through large number of books and journals) All over the world, management is taught at different institutions, like Indian Institutes 6f Management (ITMs) in Indi 2 Restricted Entry Ev JAS rofession restriets-the entry TRrougtead Lehi through Restricted Ex ety"profession restricts-the entry Througirda (ahfintion or throug! acquiring an educational degree. For example, to becine a Chartered Accountant in India, @ candidate has to clear a specified examination conducted by the Institute of Chartered Accountants of India. } This feature is not applicable to man to learn skills of management! ianagemtent is open to all individuals who want is no restriction on any person being designated-or ‘Scanned wh Camscanet= Business Studies for Class xiL - tional appointed as manager. Anyone can be called a manager irrespective of the educa! qualifications possessed] A practicing doctor or a lawyer needs to possess valid degrees. However, itis not mandatory 4 @ manager to possess any such specific degree. But, now-a-days, professional knowledge ho training is considered to be a desirable qualification, since there is greater demand forthose who | Possess degrees or diplomas from reputed institutions, Therefore, as such the second criterion has not been strictly met. o : jation which 3. Professional Association aa ions are affiliated to a professional association nave) regulates entry, grants certificate of practice and formulates and enforces a code ol eal For example, a lawyer has to become a member of Bar Council, to practice law in Th er to be D-) Uilis feature is also not applicable to management as it is not compulsory for a Se coiatians oo. nioh applicable s / a reanal any management associationJ Although, there are management ass ) jations is not (like AIMA) |but they do not enjoy legal status and membership of such associations Sential fof practising mana; . 4. Ethical code of conduct ll lafessions are bound by a code of conduct which guides — ehaviour of its members. For example, doctors take the oath of ethical practice at the tim they enter the profession. Lie feature is also nol prisent in management as there is no uniform code of conduct forthe O ‘anagers. Although, certain management associations, like AIMA, have formulated ethical codes for managers, bubthere is no legal support ‘orit] ut = ers, bute My 5. Service Motiv [The baste motive of a profession is to serve clionts By. g dedicated) and committed sérvice. For example, task of lawyer is to ensure that his client gets justice. This feature is not cent percent applicable in management as the basic aim of management is to lp the organisation achieve its stated goal) This may be profit maximisation far a business enterprise and service for a hospital. 3) BS In the present scenario, the objective of profit maximisation is progressively chang} [te Suva in this competitive world, management has to give due Importance to social obligations ing with economic objectives Jin efficient and effective management aimsto eam profits by providing good quality products at reasonable prices. conciusion MYL 15 nok a fl fleelgeal Paeferston bt Finally, it PRE IAG ET MR erack does Sa flac Ane fe ET Finally, it car profession. But, it is moving fast in the direction of becoming a profession higher status in every society. So, there has been a growing trend towards management as managergalso zugnt to papeser status and recognition. a [Bem aA (sa) Q.1. Mr. Nitin Singhania’s father has 2 good business of ron and Steel, He want but his father wants that he should join the business. On the basis of emerg Mr, Singhania should send his son to USA? Give ary three reasons in supp as professionals enjoy professionalisation of 510.900 USA for his MB.A, Ing trends, doyouthink that ort Of your answ ‘Scanned wh Camscanettert Nature and Significance of Management awe 1.15 Hema is one of the most successful managers of her com w initiative in handling challenging situations at work. man The knowledge gained by her during her student days at a Tenowned through her observation and experience over the years ig applied by context of the realities of a given situation, She often reads books ar of management to keep her knowledge updated, {) An aspect of the nature of management is bein the aspect. ° {iy Explain any three features of the aspect identified in part (i) “Kobe Ltd! She uses her creativity and Management institute as well as Hema in a skillful manner in the d other literature in various fields 9 highlighted in the above description. Identity eae 1.7 LEVELS OF MANAGEMENT s\ As discussed before, management is a group activity. So, Peery Organisation|consists of number ofpersons, who are placed at different positions to perform different responsibilities. + Inorder to discharge this responsibility, they are also giyen ngc tutbority.]On ke basis of extentand amount of authority and responsibility, chai oF oettor uber te relationship is created.) ot cl + (Thischain is known 3S Hierarchy or levels of Management, The nic OG 17 of management positions 7) Fram top to bottom is called Tevels of management. A an organisation, three levels of management are usually identified;) “i Top Level Management 7. Middle Level Management Operational or Supervisory or Lower Level Management Leclofa manager determines the amount of authority and status enjoyed by him, The various positions, iduded in each level are shown in the following figure: Top Level Management Middle Level Management Operational Level Management Levels of Management el ‘Scanned wih Camscanetfor Class Xi! Business Studies 1.16 Top Level Management opm eae Top level management consists of the senior most executives of the mia ee e, marketing etc, Core onssting of managers fron’ afferent functional levels, heading nance, marketing ‘Zar example, Chief Finance O \eer, Vice-President (Marketing). Operating Officer Top tevel includes: ard of Directors, Chairman, Chief cer (CEO), Chi nail senkor ci, Chil Financial Ofer (CHOY, Preside, Vee Prsient, Gon oe egarsation Srenutives, These top level managers are responsible for thegGelfgreand survivaTotthe organisation. Main Functions of Top Level Management c isfecordin, 1 [To integrate diverse clementeand coondinatd theactivities of different departments} 1B © the overall abjectivestol the a me Solas te 2 Top level remains in contact with overnment, competitors, suppliers, ete. business environm and its implications for the survival of the firm 3.[To formulate overall Organisational goals er ee, d Strategie iiraievene | ied got] $29 arrange resources of men, machines, maensle ses money to achieve the desi als) ey are responsible for all the es.of the business and for ils impact on society S ‘The job of Top Mana lex ar demanding long hous and commitment to the organisation. Middle Level Management iddle level acts asa link between dle level consists of divisional or depart nce My cling Ma er, Marketing Manager, Person departivents (like Operations Manag, turchase Manager, Production Manager, is anager and other executive officersattached to different uperintendent, ete.) = Main Funct ions of Middle Level Management > nagement io joa Middle Level Management is responsible for implententing and controlling plans and strategies developed by to agement, At the same time they are responsible ‘or all the activities of first line managers. For this, they need to perform followi ———— ‘ing functions: 77. To interpret the policies framed by top management. To ensure that their department has the necessary personnel, ary duties and responsibilities to them _* To, motivate them to achieve de: red objec _ la 5 -ooperate wi epartments for smooth functior 5. To. cooperate with other departments for smooth functi ning ofthe organisation, Opera’ nt (fis the lowest level in the hierarchy of management {hey are also called as The authority and responsibility of this level is limits management. Operational management consists of supervisors, foreman, superinte Tirectly concerned with control of operative entploy: nal or Supervisory or Lower Level Management ‘Scanned wh Camscanetcopter 1_¢ Nature and Significance of Management 5 1.17 in Functions of Operational Management Im see a oversee the efforts of the workforce De nthe actual work force ar %, with the actual wor! To interact force and to pass on j, . oO aacoikers, ——2 PASS on instructions of the middle ay er fe that quality of output i Maintained, : wp rn 7 ed wastage of ials i: ini @ standards are maintained. The g@ality of wor manshis nd pe eminimised and safety (9 onthehard work, discipline and Woyally of @ Workers and yo ty Of outpD depends operational level managers. OTRER Tbe managed by 4 UTorepresent workers’ grievances} Operational mana level management as they are in direct contact with toil management Bers report workers’ h them. 5(To ensure safe and proper working environment to workers), Inaddition to above mentioned functions, Supervisory Management also hel healthy relations between superiors and subordinates and motivating workers. ie 9 1. Dheerajis working as‘Operations Manager’inTifco State any four functions he will perform as Brievances to middle Ips in developing Utd. Name the managerial evel at which hes working. ‘Operations Manager’in this company. OR Rajat is working as'Regional Manager’ in Tifco Ltd, Name the level at which heis working, State any four functions he will perform as Regional Manager in this company. 2. Mr-Tanviris responsible for assigning work to employees and representing their grievances to Mr, Deepak (Tanvir's Boss). Identify the managerial levels at which Tanvir and Deepak are working, Q3. Amar, Akbar and Anthony are working in a Pharmaceutical Company. There is a vast difference in the nature of functions performed by them: + Amar has to analyse the business environment and its implications for the survival of the firm. * Akbar's job is to ensure that their department has the necessary personnel. * Anthony's job is to ensure safe and proper working environment to workers. On the basis of functions performed by the three personnel, identify the level of management at which they are working, ‘Scanned wh Camscanet